AB150: Bill Text

AB150,2227,22 553.71 (1) This chapter shall be administered by the commissioner of securities department of financial institutions and by the department of justice when exercising its authority under s. 553.54.

AB150, s. 6871 Section 6871. 553.71 (2) of the statutes is amended to read:

AB150,2228,10 553.71 (2) It is unlawful for the commissioner department or any of the commissioner's department's officers or employes to use for personal benefit any information which is filed with or obtained by the commissioner department and which is not generally available to the public. Nothing in this chapter authorizes the commissioner department or any of the commissioner's department's officers or employes to disclose any confidential information except among themselves or to other securities administrators or regulatory authorities or when necessary or appropriate in a proceeding or investigation under this chapter. No provision of this chapter either creates or derogates from any privilege which exists at common law or otherwise when documentary or other evidence is sought under a subpoena directed to the commissioner department or any of the commissioner's department's officers or employes.

AB150, s. 6872 Section 6872. 553.72 (intro.) of the statutes is amended to read:

AB150,2228,13 553.72 Fees and expenses. (intro.) The commissioner department shall charge and collect the fees fixed by this section.

AB150, s. 6873 Section 6873. 553.72 (2) of the statutes is amended to read:

AB150,2228,18 553.72 (2) The commissioner department may by rule require the payment of prescribed fees for delinquent or materially deficient filings of information or documents required to be filed with the commissioner department under this chapter.

AB150, s. 6874 Section 6874. 553.72 (3) of the statutes is amended to read:

AB150,2228,23 553.72 (3) The expenses reasonably attributable to the examination of any matter arising under this chapter shall be charged to the applicant or registrant involved, but the expenses so charged shall not exceed such maximum amounts as the commissioner department by rule prescribes.

AB150, s. 6875 Section 6875. 553.73 of the statutes is amended to read:

AB150,2229,19 553.73 Service of process. When any person, including any nonresident of this state, engages in conduct prohibited or made actionable by this chapter or any rule or order under this chapter, whether or not the person has filed a consent to service of process under s. 553.27 (10), and personal jurisdiction over the person cannot otherwise be obtained in this state, that conduct shall be considered equivalent to the person's appointment of the commissioner or the commissioner's successor in office department to be the person's attorney to receive service of any lawful process in any noncriminal suit, action or proceeding against the person or the person's successor, executor or administrator which grows out of that conduct and which is brought under this law or any rule or order under this chapter, with the same force and validity as if served on the person personally. Service may be made by leaving a copy of the process in at the office of the commissioner department, but it is not effective unless the plaintiff, who may be the commissioner department in a suit, action or proceeding instituted by the commissioner department, forthwith sends notice of the service and a copy of the process by registered or certified mail to the defendant or respondent at his or her last-known address or takes other steps which are reasonably calculated to give actual notice, and the plaintiff's affidavit of compliance with this section is filed in the case on or before the return day of the process, if any, or within such further time as the court allows.

AB150, s. 6876 Section 6876. 553.74 (1) of the statutes is amended to read:

AB150,2230,9 553.74 (1) All applications, reports and other papers and documents filed with the commissioner department under this chapter shall be open to public inspection in accordance with rules adopted by the commissioner department. The commissioner department may publish any information filed with or obtained by the commissioner department, if, in the judgment of the commissioner department, such action is in the public interest. No provision of this chapter authorizes the commissioner department or any of the commissioner's assistants, clerks or deputies department's employes to disclose any information withheld from public inspection except among themselves or when necessary or appropriate in a proceeding or investigation under this chapter or to other federal or state regulatory agencies. No provision of this chapter either creates or derogates from any privilege which exists at common law or otherwise when documentary or other evidence is sought under a subpoena directed to the commissioner department or any of the commissioner's assistants, clerks or deputies department's employes.

AB150, s. 6877 Section 6877. 553.74 (2) of the statutes is amended to read:

AB150,2230,14 553.74 (2) It is unlawful for the commissioner department or any of the commissioner's assistants, clerks or deputies or department's employes to use for personal benefit any information which is filed with or obtained by the commissioner department and which is not then generally available to the public.

AB150, s. 6878 Section 6878. 553.75 (1) of the statutes is amended to read:

AB150,2230,17 553.75 (1) A document is filed when it is received by the commissioner department.

AB150, s. 6879 Section 6879. 553.75 (2) of the statutes is amended to read:

AB150,2230,22 553.75 (2) The commissioner department shall keep a register of all filings which are or have ever been effective under this chapter and predecessor laws and all denial, suspension or revocation orders which have been entered under this chapter. The register shall be open for public inspection.

AB150, s. 6880 Section 6880. 553.75 (3) of the statutes is amended to read:

AB150,2231,3 553.75 (3) The information contained in or filed with any registration statement, application or report shall be made available to the public in accordance with rules adopted by the commissioner department.

AB150, s. 6881 Section 6881. 553.75 (4) of the statutes is amended to read:

AB150,2231,10 553.75 (4) The commissioner department upon request shall furnish to any person at a reasonable charge photostatic or other copies, certified under the commissioner's seal of office, by the department if certification is requested, of any entry in the register or any order or other document on file in the commissioner's office with the department. Any copy so certified is admissible in evidence under s. 889.18.

AB150, s. 6882 Section 6882. 553.75 (5) of the statutes is amended to read:

AB150,2231,13 553.75 (5) The commissioner department may honor requests from interested persons for interpretative opinions.

AB150, s. 6883 Section 6883. 553.78 of the statutes is amended to read:

AB150,2231,20 553.78 Preemption. This chapter shall not preempt the administration of ch. 96, 100, 125, 133, 168 or 218. False, fraudulent and deceptive practices in connection with the offer, purchase or sale of a franchise defined by rule of the commissioner department under s. 553.58 (1) may also constitute unfair methods of competition in business or unfair trade practices in business under s. 100.20 (1) or fraudulent advertising under s. 100.18.

AB150, s. 6884 Section 6884. 560.01 (1) of the statutes is amended to read:

AB150,2232,15 560.01 (1) Purposes. The functions of the department are of an advocacy, regulatory, consultative, advisory, informational, coordinative and promotional nature. Through research, planning, consultation and through promotion of the development and maximum wise use of the natural and human resources of the state, it shall foster the growth and diversification of the economy of the state. It shall serve as the central agency and clearinghouse for developmental activities concerning the economy of the state. It shall make recommendations to the governor for the purpose of guiding a coordinated and economically efficient development of the state and shall seek closer cooperation and coordination between units of state government, educational institutions, local governments, local planning agencies, including regional planning commissions, and business and industry to foster and encourage a pattern of community development and of state-local and business relationships so that the economy of the state may continue to develop fully and meet citizen and community needs. It shall make continuing studies of the problems affecting economic and community development and recommendations for relieving those problems, and function in any other reasonable manner that will accomplish the stated purposes of this chapter. The department may also coordinate training for local government officials provided by state agencies including, but not limited to, the university of Wisconsin-extension and the technical college system.

AB150, s. 6885 Section 6885. 560.01 (2) of the statutes is renumbered 560.01 (2) (a).

AB150, s. 6886 Section 6886. 560.01 (2) (a) (title) of the statutes is created to read:

AB150,2232,18 560.01 (2) (a) (title) State economic policy.

AB150, s. 6887 Section 6887. 560.01 (2) (b) of the statutes is created to read:

AB150,2232,23 560.01 (2) (b) Regulation of industry, buildings and safety. The department shall administer and enforce laws regulating industry, safety and buildings under chs. 101, 107, 145 and 168 and ss. 32.19 to 32.27, 167.10, 167.11 and 167.27 and as otherwise provided by statute.

AB150, s. 6888 Section 6888. 560.07 (3) (b) of the statutes is amended to read:

AB150,2233,7 560.07 (3) (b) Contract Before July 1, 1996, contract with Forward Wisconsin, inc., if the secretary determines it appropriate, to pay Forward Wisconsin, inc., an amount not to exceed the amount appropriated under s. 20.143 (1) (bm), 1993 stats., to establish and implement a nationwide business development promotion campaign to attract persons interested in locating new enterprises in this state and to encourage the retention and expansion of businesses and jobs in this state. Funds may be expended to carry out the contract only as provided in s. 16.501.

AB150, s. 6889 Section 6889. 560.07 (9) of the statutes is amended to read:

AB150,2233,13 560.07 (9) On or before July 1, 1985, and every July 1 thereafter, ending with July 1, 1997, submit to the chief clerk of each house of the legislature, for distribution to the appropriate standing committees under s. 13.172 (3), a report stating the net jobs gain due to the funds provided Forward Wisconsin, inc., under s. 20.143 (1) (bm), 1993 stats.

AB150, s. 6890 Section 6890. 560.07 (10) of the statutes is repealed.

AB150, s. 6891 Section 6891. 560.081 (2) (e) of the statutes is amended to read:

AB150,2233,24 560.081 (2) (e) Annually select, upon application, up to 5 municipalities to participate in the state main street program. The program for each municipality shall conclude after 3 years, except that the program for each municipality selected after the effective date of this paragraph .... [revisor inserts date], shall conclude after 5 years. The department shall select program participants representing various geographical regions and populations. A municipality may apply to participate, and the department may select a municipality for participation, more than one time. In selecting a municipality, however, the department may give priority to those municipalities that have not previously participated.

AB150, s. 6892 Section 6892. 560.081 (2) (f) 3. of the statutes is amended to read:

AB150,2234,3 560.081 (2) (f) 3. Local organizational and financial commitment to employ a program manager for not less than 3 years, or not less than 5 years for participants selected after the effective date of this subdivision .... [revisor inserts date].

AB150, s. 6893 Section 6893. 560.09 (5) of the statutes, as affected by 1993 Wisconsin Act 75, is amended to read:

AB150,2234,8 560.09 (5) Consultation. The department shall consult with the council on recycling market development board in developing any proposed rules under s. 560.031.

AB150, s. 6894 Section 6894. 560.097 of the statutes is amended to read:

AB150,2234,12 560.097 Notification of position openings; compliance. The department shall monitor compliance with the position-opening notification requirements under ss. 66.521 (6m) and 101.28 106.16.

AB150, s. 6895 Section 6895. 560.13 of the statutes is created to read:

AB150,2234,14 560.13 Capital access program. (1) In this section:

AB150,2234,16 (a) "Lender" means a public depository under ch. 34 that is approved by the department for participation in the program under this section.

AB150,2234,21 (b) "Passive real estate project" means the purchase or ownership of real estate for the purpose of deriving income from speculation, trade or rental of the property, except that "passive real estate project" does not include the purchase or ownership of that portion of real estate that is used for operation of the business of the real estate owner.

AB150,2234,24 (c) "Small business" means a business entity, including a parent corporation or any subsidiary or affiliated corporation, that employs fewer than 51 full-time employes or that has gross annual sales of less than $5,000,000.

AB150,2235,16 (2) The department shall administer a loan incentive program, to be called the capital access program. Under the program, the borrower of an eligible loan that is made by a participating lender shall pay a fee to the lender for enrolling the loan in the program. For each such enrolled loan, the lender shall contribute an amount that is equal to the fee paid by the borrower of the loan and the department shall pay a financial incentive to the lender that equals the sum of the fee paid by the borrower of the loan and the contribution made by the lender. All financial incentives paid by the department for loans enrolled in the program by a lender shall be deposited in an interest-bearing reserve account that is owned and controlled by the department but maintained by the lender. All moneys contributed for enrolled loans by a lender and the fees paid by the borrowers of all of the loans enrolled in the program by that lender shall be deposited in another interest-bearing reserve account that is owned and controlled by the department but maintained by the lender. Except as provided in sub. (4), moneys in the reserve accounts, including accrued interest, may be used by the department only to compensate the lender for losses that it incurs if a borrower of an enrolled loan defaults on the loan.

AB150,2235,20 (3) A loan may be enrolled in the program only if it is related to the start-up or expansion of a small business and will likely result in the creation or retention of jobs within the state. A loan may not be enrolled in the program if it is made to finance any of the following:

AB150,2235,21 (a) The refinancing of existing debt.

AB150,2235,22 (b) A housing project.

AB150,2235,23 (c) A passive real estate project.

AB150,2235,24 (d) Any other activities or projects determined by the department.

AB150,2236,4 (4) If a participating lender wishes to withdraw from the program, the department shall close out the reserve accounts maintained by the lender and deposit the moneys, including accrued interest, in the appropriation account under s. 20.143 (1) (kq).

AB150,2236,6 (5) The department shall promulgate rules that set forth criteria for all of the following:

AB150,2236,8 (a) Determining the maximum amount that may be loaned under the program to a single borrower.

AB150,2236,10 (b) Determining the amount of the fee that the borrower of an enrolled loan must pay.

AB150,2236,12 (c) Any other criteria that the department determines is necessary for operation of the capital access program.

AB150,2236,15 (6) As part of the report required under s. 15.04 (1) (d), the department shall include a report detailing the operation of the capital access program and assessing the effectiveness of the program in promoting economic development.

AB150, s. 6896 Section 6896. 560.165 of the statutes is repealed.

AB150, s. 6897 Section 6897. 560.167 of the statutes is created to read:

AB150,2236,18 560.167 Wisconsin trade project program. (1) In this section:

AB150,2236,23 (a) "Eligible business" means a business operating in this state that manufactures a product or performs a service, or both, with a potential to be exported and that, together with all of its affiliates and subsidiaries and its parent company, had gross annual sales of $25,000,000 or less in the calendar year preceding the year in which it applies for a reimbursement under this section.

AB150,2237,2 (b) "Matchmaker trade delegation event" means a trade event that is planned by the U.S. department of commerce and that has prearranged meetings between new-to-market or new-to-export eligible businesses and prospective foreign representatives and distributors.

AB150,2237,5 (c) "Trade show" means a trade event held in a country other than the United States that brings prospective foreign buyers to a central location and that is certified or coordinated by the U.S. department of commerce or the department.

AB150,2237,8 (2) Subject to sub. (5), the department may make reimbursements totaling no more than $100,000 in a fiscal year from the appropriations under s. 20.143 (1) (c) and (ie) to eligible businesses for any of the following:

AB150,2237,10 (a) Fees for participation in a trade show or matchmaker trade delegation event.

AB150,2237,12 (b) Costs associated with shipping displays, sample products, catalogs or advertising material to a trade show or matchmaker trade delegation event.

AB150,2237,14 (c) Costs incurred at a trade show or matchmaker trade delegation event for utilities, booth construction or necessary modifications or repairs.

AB150,2237,17 (d) Costs associated with foreign language translation of brochures or product information or with the use of translation services at a trade show or matchmaker trade delegation event.

AB150,2237,19 (3) An eligible business seeking reimbursement under this section shall submit to the department an application containing all of the following:

AB150,2237,22 (a) An export development plan and a description of how the activities for which reimbursement is sought will benefit the applicant's ability to export its product or service.

AB150,2237,24 (b) An itemized budget for expenses expected to be incurred for all of the activities for which reimbursement is sought.

AB150,2237,25 (c) A description of the proposed use of the reimbursement.

AB150,2238,2 (d) Assurance that at least 50% of the manufactured value of the product or of the performance value of the service will be produced in this state.

AB150,2238,4 (4) (a) The department may approve an eligible business for reimbursement after considering all of the following:

AB150,2238,6 1. The extent to which the business' export development plan demonstrates the potential of the product or service to be exported in a particular foreign market.

AB150,2238,8 2. The extent to which the business' proposed reimbursable activities relate to the potential success of the product or service to be exported.

AB150,2238,10 (b) The department shall give priority for reimbursements under this section to eligible businesses participating in the department's export mentoring program.

AB150,2238,11 (5) The department may not do any of the following:

AB150,2238,12 (a) Reimburse an eligible business more than $5,000 in a 12-month period.

AB150,2238,14 (b) Reimburse an eligible business more than $5,000 for participation in a trade show or matchmaker trade delegation event.

AB150,2238,17 (c) Reimburse an eligible business for participating more than one time in the same trade show or matchmaker trade delegation event held at different times or in different locations.

AB150,2238,19 (d) Reimburse an eligible business more than $15,000 over the life of the program.